Canoo Faces Scrutiny Over CEO's Lavish Jet Spending Amid Financial Struggles

EV startup Canoo spent $1.7 million on CEO Tony Aquila's private jet expenses, doubling its 2023 revenue, as it navigates a challenging financial landscape.

Canoo, an electric vehicle startup, reported a significant financial loss of $302 million in 2023, alongside a concerning expenditure of $1.7 million on CEO Tony Aquila's private jet expenses.
Despite the financial challenges, Canoo has made strides in its operations, delivering its first commercial fleet to customers and securing contracts with major entities like USPS and NASA.
The company's heavy spending on the CEO's private jet has raised eyebrows, especially considering it accounted for twice the company's total revenue of $886,000 in 2023.
Canoo has been proactive in its efforts to stabilize its financial position, including a 1-for-23 reverse stock split to avoid NASDAQ delisting and securing significant funding in 2022 and 2023.
Critics argue that the lavish spending on private jets is a red flag for investors, particularly for a company struggling financially and operating in the environmentally conscious EV market.